I cannot conceive of a politically feasible solution to this problem which will overdo cutting the deficit, where overdoing means harming the economy. It might be technically possible, but it is not realistic.
ALAN GREENSPANSuch caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
More Alan Greenspan Quotes
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Political decisions are never random and will always lose out to innovative alternatives.
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The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
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By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives.
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Remember what we’re looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
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I have one other issue I’d like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here.
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But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
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The only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.
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I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading.
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We will have more crises and none of them will look like this because no two crises have anything in common except human nature.
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These days, even out of office, I still read economic reports.
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Excessive optimism shows the seeds of its own reversal in the form of imbalances that tend to grow over time.
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I love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy.
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There are no easy choices. Easy choices are long gone.
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Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
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History has not dealt kindly with the aftermath of protracted periods of low risk premiums.
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Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
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We are in the midst of a once-in-a-century credit tsunami. Central banks and governments are being required to take unprecedented measures.
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Gold stands in the way of this insidious process. It stands as a protector of property rights.
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We ought to be opening up our borders to skilled labour from all parts of the world because [the state of the world is as follows: ].
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The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
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And she always has so much fun doing it. We make a good team.
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How do we know when irrational exuberance has unduly escalated asset values?
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Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.
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You can’t have the capitalist system if an increasing number of people think it is unjust.
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The number one problem in today’s generation and economy is the lack of financial literacy.
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The Iraq War is largely about oil.
ALAN GREENSPAN